What is the statute of limitations for payday loan companies to collect money?

A:

Quick Answer

According to Consumer Affairs, the statute of limitations for payday loan companies or any other debtor to collect on debts varies from state to state. Credit Solutions Program points out that some debtors continue to pursue debts illegally after the statute of limitations has expired.

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Credit Info Center explains that the statute of limitations for debts secured by promissory notes ranges from a minimum of three years in Arkansas, Delaware, Mississippi, Nevada and South Carolina to a maximum of 15 years in Kentucky and Ohio. The statute of limitations for open-ended accounts such as credit cards ranges from three years in Alabama, Arkansas, Alaska, Arizona, Colorado, Kansas, Louisiana, Maryland, Mississippi, New Hampshire, Oklahoma, South Carolina, Virginia and Washington to as long as 10 years in Illinois.